Gold trades higher on weak US Jobs data, market awaits Fed chairman speech for further direction

• Major resistance - $1243
   
• Gold hits two- week high on Friday on account of weaker than expected US Non-farm payroll data.
   
• Bullion jumped 2.8% on Friday, its highest percentage gain since Feb 11.
   
• U.S economy has added only 38k jobs in the month of May, lowest number since 5-1/2 years.
   
• Technically gold has broken major resistance $1243 and jumped till $1248 at the time of writing .It is currently trading around $1242.
   
• Gold is slightly bullish but market awaits Fed Chairman Jannet Yellen speech today for further direction.
   
• Short term trend is bullish as long as support $1225 holds.
   
• On the higher Side any break above $121 will take the bullion till $1264/$1270.
   
• Gold minor support is around $1235 and any break below targets $1228/$1225.
   
• Overall bullish invalidation only below $1200.

It is good to buy at dips around $1235 with SL around $1225 for the TP of $1264